An analysis program for the thermal performance prediction of steam turbine cogeneration systems with multi-extraction, reheat and regeneration has been developed on the basis of the thermodynamic heat balance method. Heat balance analyses were performed for a commercial cogeneration power plant using the program. Its appropriateness was verified by comparing its heat balance results with those of other commercial programs and those provided by the original system designer. Further parametric analyses were carried out and performance improvement measures in designing the plant were suggested.